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The Timeshare Industry: Sharing Economy Trendsetter

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 The Timeshare Industry: Sharing Economy Trendsetter 

 In the quest for younger buyers, let’s remind them that timeshare was the original sharing economy product.  

sharing economy blog image 

As the market opportunity for new buyers shifts to younger millennials, it may be time to capitalize on what they already know and embrace: the sharing economy. Timeshare is the original product in today’s popular sharing economy. This phenomenon is defined as an economic model in which individuals are able to borrow or rent assets owned by someone else. Some of the sharing economy brands that might pop into your head right away are Uber, Lyft or Airbnb – but none of these businesses can say they were the first.

Not only was the timeshare industry the first but it also remains the best shared economy product in the hospitality industry. According to Gail Mandel, president and CEO of Wyndham Destination Network, “Travelers booking through peer-to-peer listing sites (like Airbnb or HomeAway) have virtually no guarantees about what they will find upon arrival, who their hosts are, and if the properties meet safety and cleanliness standards”

In fact, a recent study by Hotel News Now revealed that 67.6% of users don't trust renting a room in someone else's house. Of course, this isn’t the case with timeshare—our resorts pride themselves on providing guests the highest quality services and luxurious amenities. Timeshare brands have built strong reputations through reviews, photos, complete information, responsive platforms and a coherent and steady on-line presence.

And now with timeshare owners becoming younger (30% of new owners are millennials), a sharing economy is something they can relate to, helping change the perception of what a “normal” timeshare owner may look like. The timeshare and exchange model is actually quite appealing to millennials, which makes sense when you think about the fact that they are more interested in travel and experiences than past generations and are already so comfortable with different sharing economy businesses, according to Mandel.

Focusing on the new generation of timeshare owners through something that they are already very familiar with can help to attract new, younger families to invest in timeshare. And with using the clear advantages the industry has over peer-to-peer rentals timeshare can capitalize even further on being in the shared economy – which it has been doing ever since the beginning.

 


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